Philippine-based Metro Pacific Tollways Corp (MPTC) has acquired a 42.25 per cent stake in PT Nusantara Infrastructure Tbk (PT Nusantara), an Indonesian infrastructure holding company with interests in tollroads, port operations, water, energy and telecommunications.
MPTC’s parent firm Metro Pacific Investments Corp (MPIC), disclosed on Monday (November 6) that MPTC arrived at an agreement with PT Matahari Kapital Indonesia (PT Matahari) to buy its 6.6 billion shares of PT Nusantara, at approximately $132 million (P6.9 billion).
Dubbed as a strategic investment, the deal adds to MPTC’s indirect holdings, through its wholly-owned subsidiary MPT Asia Corp (MPT Asia) and the latter’s Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI), of about 42.25 per cent of the total capital stock of PT Nusantara.
Together with PT MPTI’s earlier share acquisitions, PT MPTI will now hold a total of about 47.08 per cent of the total issued capital stock of PT Nusantara on a fully-diluted basis.
According to MPTC president and CEO Rodrigo Franco: “MPTC will support the existing management of PT Nusantara by sharing our brand of service and helping the Indonesian firm realize its growth potential, especially in the toll road sector.”
Meanwhile, PT Nusantara CEO Muhammad Ramdani Basri, said MPTC’s entry has strengthened the Indonesian firm’s market position and will even accelerate its growth strides in the tollway business.
“Our tie-up with MPTC blends the expansive management style of Metro Pacific with PT Nusantara’s geographic reach and expertise in managing Indonesian projects,” Pak Ramdani said.
PT Nusantara, composed of 700 employees, operates a total of 34.47 km in toll roads in four places in Indonesia ― connecting an airport, a seaport and business districts. Its services cover more than 103 million customers, 550,000 households, 103 million vehicles, more than 210 vessels, and connecting millions of people through communications.
As a Philippine tollways developer and operator, MPTC currently operates the 84-km North Luzon Expressway (NLEX), 94 km Subic Clark Tarlac Expressway (SCTEX), and the 14 km Cavite Expressway.
MPTC also has three toll concessions currently under construction, namely the 45 km-Cavite Laguna Expressway (CALAX), the 8 km Cebu-Cordova Link Expressway (CCLEX), and the 8 km NLEX-SLEX Connector Road.
MPTC’s parent company MPIC is the largest listed infrastructure holding company in the Philippines and a member of the MVP Group of Companies.
MPIC expressed its commitment to investing through acquisitions and strategic partnerships in prime infrastructure assets with the potential to provide synergies with its existing operations.
The conglomerate’s goal is to maintain and continue to develop a diverse set of infrastructure assets through its investments in water utilities, toll roads, electricity distribution, hospital operations, light rail and logistics.
MPIC last traded at P6.80 per share on Monday (November 6), a 0.89 per cent higher to its previous close on Friday.